LSEG FX
LSEG FX, operating under FCA licence, facilitates over $460 billion in daily FX trades for institutional clients.
London Stock Exchange Group plc (LSEG FX business; acquired Refinitiv 2021) · London, United Kingdom · last re-checked 2026-09 · evidence score 87/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA | 206017 | UK | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme. Rows without a tier are recorded without classification rather than guessed.
Where the published model fits
- Institutional FX trading
- Dealer-to-client RFQ
- Multi-currency liquidity access
Watch for
- Self-measured daily volumes
- Tier 1 licence limitations
- LSEG FX's operational age
LSEG FX, part of the London Stock Exchange Group, operates multiple regulated venues for FX trading, serving over 2,400 institutional clients. The entity holds a tier 1 FCA licence and provides access to various FX instruments. Self-reported figures indicate significant daily trading volumes, though these are not independently audited.
Testable claims
- LSEG's own venues page states FXall and Matching together enable FX trades averaging over US$460 billion daily, with 2,400+ institutional clients and 200+ liquidity providers across 500+ currency pairs through FXall (lseg.com/en/fx/venues, checked 10 Sept 2026)
- Through the FXall RFQ platform LSEG offers three regulated liquidity venues: an MTF in Ireland (FX forwards, NDFs, swaps and options), off-venue Singapore trading, and an SEF for NDFs and options; on Matching, FX swaps trade on the MTF and FX spot off the MTF (lseg.com/en/fx/venues)
- In May 2021, following the acquisition of Refinitiv by LSEG, the group initiated migration of its FX trading venues Matching and FXall onto the Millennium Exchange electronic trading software that powers the London Stock Exchange (lseg.com/en/fx/global-forex-trading-ecosystem)
- The LSEG FX SEF factsheet describes FXall as serving more than 2,300 institutions worldwide with liquidity from more than 200 bank and non-bank market makers (lseg.com/content/dam/fx/en_us/documents/sef/lseg-fx-swap-execution-facility.pdf)
Claims that remain the venue's own measurement
- 'over US$460 billion daily' and 2,400+ client counts are self-published volume figures on LSEG's own marketing pages, not independently audited
- Euromoney 2025 'World's Best FX Venue' write-up cites 400+ liquidity providers and low-latency data centres in London, New Jersey and Tokyo — award-media source, not verified on LSEG's own pages
